In the financial services marketplace, a remittance is generally a financial transfer or payment (e.g., cash, check, electronic transfer) from one party (or party's account) to another party (or party's account). The financial services marketplace for transferring remittances includes a few large services companies (such as Western Union and Money Gram) and a number of other companies. This marketplace is experiencing substantial growth in all respects: the volume of remittances transferred, the number of service companies, the diversity of services they provide, and the entry of non-traditional service companies, such as the U.S. Postal Service and various credit unions.
Remittances are sent in various ways thought the world, such as through banks, money transfer service companies (e.g., Western Union, MoneyGram), postal services (e.g., U.S. Postal Service), and online service companies (e.g., Xoom), or they may be hand-delivered by the actual sender or by a third party apart from banks, money transfer service companies or postal offices. Companies such as PayPal are providing the ability to send money electronically between PayPal accounts via “send money” functionality.
Generally, to receive a remittance (e.g., money) transmitted from a sender to a receiver via one of the foregoing brick and mortar service companies and the like, the receiver would need to pick up the remittance (e.g., money) at a service location associated with the service company. To do so, the receiver generally presents an identification (e.g., primary identification) that establishes the receivers identity before the service location would release the remittance that was transmitted by the sender. To receive money electronically via PayPal, for example, both the sender and the receiver would need to have electronic PayPal accounts that were originally set up for authorized access by the respective sender and receiver (e.g., primary identification), such as via username and password. Alternate secondary identification of the receiver (or receiver's account) may enhance the remittances services.